Those seeking information relating to real property currently face many problems with accessing unbiased real property information in a convenient way. For example, many of the sources of real property information have conflicts of interest that may cause the source to be biased. In addition, there is no convenient way to receive unbiased information while away from a fixed location such as a home or office. Further, to get unbiased real property information, many different sources and data types may need to be searched. Other problems include not knowing what information is needed or where to find the information. In addition, the information may not be available to those who are not real property professionals.
Much of the information that is available concerning real property may be provided by sources that have interests that conflict with providing an accurate picture of a particular property, a particular real-property market, etc. For example, when considering the purchase of a home, a potential buyer may receive information from a seller's agent. While information provided by the seller's agent may be useful, the seller's agent has a conflict of interest because the seller's agent works for the seller and typically has a financial interest in the sale of the home. Indeed, the seller's agent has a financial incentive to withhold negative information about the particular property and the real-property market in which the property is located. Even if the agent is a dual agent, representing both the buyer and seller, the agent still has a conflict of interest because the agent is typically paid at closing.
One example may be when a potential buyer evaluates at a home for sale at a particular price. The agent may have information that shows similar houses in the area selling for less than the asking price of the home, or may show that sold homes in the area were on the market for a long time before they sold. It may help a potential buyer to have this information, but if the agent is confronted with a willing buyer and seller, the agent may have an incentive to withhold this useful information. Thus, the buyer may pay more than the seller was willing to accept or purchase the home at an above market price.
Much of the real property information valued by end-users is only available through private or public businesses. For example, the realtors in most states participate in a multiple listing service (MLS) where complete information may only be available to realtors or people who pay for the MLS service. As another example, some for-profit companies provide projected home value estimates. And, some newspapers provide school quality information. Furthermore, some organizations may keep their own records, which are not publicly available. Examples of such organizations include membership organizations, such as USAA, employer/employee organizations, and providers of services, such as insurance companies.